Millionaire Migrants Prefer Australia For Their Final Destination

A new report says the land down under remains a hot spot for millionaire migrants who enjoy Australia over most other countries. The wealthiest individuals are attracted to Australia due to how close it is to Asia, it's relative safety, and the fact there are no inheritance taxes. Ten thousand individuals with a million or more in the bank migrated to Australia in 2017. The report also found most of those migrants were from China, India, and the UK.

Two of the top 10 cities across the globe are Melbourne and Sydney where some of the highest net numbers of migrant millionaires call home. <a href="https://www.afrasiabank.com/media/2841/gwmr-2018.pdf">The 2018 Global Wealth Migration Review</a> published by the AfrAsia Bank is being called the canary in the coal mine, in other words, a precursor to economic collapse. With the number of wealthy migrating to Australia increasing by 15% in 2017, the total number of migrants was 95,000.

Other countries suffered record losses of millionaires such as the UK which lost 4,000 millionaires in 2017. The authors of the report say the millionaires migrating are a bad omen. "If one looks at any major country collapse in history, it is normally preceded by a migration of wealthy people away from that country," the report stated. Australia has long been a popular destination with its politically stable climate, safety, and lack of inheritance tax.

In fact, the proximity of Asia to Australia has made the country a good base for doing business with China and Japan. A metric from 2018 ranked Australia as the safest country in the world for women. It also touches on the drawbacks of the country such as the fact that many Australians view their nation as "a nanny state with too many rules".